Acquisition increases the number of residents serviced by 2,400
TORONTO , April 1, 2021 /CNW/ - CareRx Corporation (" CareRx " or the " Company ") (TSX:CRRX.TO), Canada's leading provider of pharmacy services to seniors communities, announced today that it has closed the previously announced acquisition of SmartMeds Pharmacy Inc. (" SmartMeds "), a pharmacy serving over 2,400 residents in long-term care, assisted living and other institutional settings in Ontario (the " Transaction "). SmartMeds also operates a retail pharmacy located in Burlington, Ontario that was acquired as part of the Transaction.
"We are excited to welcome the SmartMeds team to CareRx," said David Murphy , President and Chief Executive Officer of CareRx. "We look forward to quickly integrating this outstanding organization, providing customers with a seamless transition that adds SmartMeds' reputation for service excellence and its value-added technology offering to CareRx's leading pharmacy services platform."
At closing of the Transaction, CareRx issued the vendors of SmartMeds $4 million of cash and 86,678 common shares of CareRx valued at $475,000 , subject to customary closing adjustments.